Are You Facing Foreclosure?
I can help...at no cost to you!
Kathy who fell behind on her mortgage, calls the process “devastating.”
“I don’t eat, I don’t sleep, I can’t think,
I can’t talk to anybody,” says Kathy, 44.
Most people that are facing foreclosure can get easily overwhelmed and feel like nothing can be done to salvage the situation. Millions of families have been in the same boat as you over the past few years. Some people have done nothing, and lost their house. Some families have fought to the bitter end and won. You can work through foreclosure.
There are a range of options that are available today that weren’t available a few years back!
The first thing you MUST do is SOMETHING. That may sound weird to you, but there are people who go into “foreclosure avoidance mode” and wind up losing their house when other options were available to them.
1. Short Sale Your House
If you owe more than the home is worth, one avenue to explore is having a short sale on your house. The mortgage holder may be willing to accept less than what you owe. It is a great way to avoid foreclosure, salvage your credit score, AND in most cases, you would be able to buy another home in only 2 years!
Q: What does a short sale homeowner need?
A: Professionals that understand the process.
Q: Why would a lender agree to accept a payoff that is less than the principal amount??
A: Because a lender loses at least $50,000 per foreclosed home.
Ask me how you can get up to $20,000 in relocation assistance if you short sale your house!
2. Apply for a Loan Modification Program
A loan modification is when the mortgage holder modifies the original terms of the mortgage note. Sometimes the mortgage holder will reduce the monthly payments or adjust your interest rate temporarily to help you if this is a short term trouble spot for you. For some, this can even turn into a permanent adjustment. Loan Modifications can come in all shapes and sizes, and we are able to help you negotiate a modification with proven results at no charge.
3. Offer your Bank a Deed In Lieu of Foreclosure
This is basically a voluntary foreclosure where you give the keys and all interest in the property back to the bank. Today, less and less banks will accept a deed in lieu.
4. PICK UP THE DANG phone and call your mortgage company. Explain your situation, and ask them what special options they have for you. Banks DO NOT want to take your home via the foreclosure process. You will find a much more responsive loan officer on the phone today than you would have 3-4 years ago.
5. You can file bankruptcy
There are different types of bankruptcy options. Please contact a bankruptcy attorney for more information.
6. Strategic Default
When all else fails, and you have tried to sell your house, work with the bank, and do everything else you can, strategic default is always the final option.
Why Do You Need a Realtor?
It is required. If you speak to the Loss Mitigation Department and ask them the first step to negotiation a short sale, they will tell you to list you home and have your agent bring them an offer. There is no downside to listing your home, as long as you hire a Realtor that is a Pre-Foreclosure specialist. It is a niche field and not all Realtors are qualified to successfully negotiate with the lender.
The added bonus is that there is NO out of pocket expense to the seller when the home is sold.
The lender pays all of the seller’s closing costs, including commission!
I Am Here To Help!
I am specially trained in listing and selling short sales. Your questions will be answered at no cost or obligation to you. I can assist you in this sometimes complicated situation. You now have a choice...it’s not too late.